December 21, 201213 yr City/Jefferson county must cough up 9 million to the center to cover the rent, could soar to 20 million in 2018. How do the tax payers/citizens feel? Not enough UL bball games in a year to keep the doors open long term.
December 21, 201213 yr http://insiderlouisville.com/news/2012/12/19/mark-coomes-the-pink-elephant-in-the-nba-to-louisville-controversy-is-the-white-elephant-downtown/
December 21, 201213 yr The article is correct in asserting that an NBA franchise would greatly help in filling dates. Where it comes up short is in assuming that the money then comes even for the city. He's right that more dates means more activity in the TIF district and so, likely, more revenue for the city on that front. But he only briefly mentions what everyone who's followed professional sports business over the last 30 years already knew: teams don't shell out for expenses; cities do. While the NBA may help the arena, the city will undoubtedly have to make numerous concessions to any team offering to come to Louisville. I don't know what they'll be, but you can bet they'll be costly. Luckily for us all, NBA owners are most often obsessed with getting shiny new facilities in which to play games; that's already taken care of. I still doubt this happens and I can only imagine the fallout if a team came here, discovered it couldn't make money and then high-tailed it out of town in a decade.
December 21, 201213 yr ^ I am not up to date with most concering this issue, but getting more dates/events at the arena will help for the payment, a tax on each ticket sold for the venue? I heard last year about this time on how it was already losing money big time as UL has too many dates taken with non mens basketball events that at least some events that want to come in can't.
December 21, 201213 yr ^ I am not up to date with most concering this issue, but getting more dates/events at the arena will help for the payment, a tax on each ticket sold for the venue? I heard last year about this time on how it was already losing money big time as UL has too many dates taken with non mens basketball events that at least some events that want to come in can't. There is a tax increment financing (TIF) district around the arena, so that the city government essentially got to levy future gains in tax revenue to get financing for the project. So as long as tax revenue from the district (such as that from property taxes) grows at the anticipated rate, then the bonds get paid back in time. These revenues have not grown according to the plan, so the city is covering the shortfall. It's all just as shady as it sounds and happens all the time with backroom property deals that get far less publicity than the Yum Center.
December 22, 201213 yr ^ I am not up to date with most concering this issue, but getting more dates/events at the arena will help for the payment, a tax on each ticket sold for the venue? I heard last year about this time on how it was already losing money big time as UL has too many dates taken with non mens basketball events that at least some events that want to come in can't. What other UL events use the facility?
December 22, 201213 yr What other UL events use the facility?Men and woman's basketball, all but just 2 or 3 home volleyball games. Not sure what else.
December 22, 201213 yr Everyone should remember UL wanted an on-campus, cheaper arena. NCAA volleyball finals looked good on TV in there. The need more of of those and an NCAA Mens Regjonal.
December 22, 201213 yr Author Aside from the people of UL paying more taxes will The Yum center be open in 10 years?
December 22, 201213 yr Aside from the people of UL paying more taxes will The Yum center be open in 10 years? On the backs of Louisville tax payers I am sure.
December 23, 201213 yr Everyone should remember UL wanted an on-campus, cheaper arena. NCAA volleyball finals looked good on TV in there. The need more of of those and an NCAA Mens Regjonal. Agree on NCAA tourneys, but how can they justify all woman's Bball and volleyball? Too many dates taken away for events that could draw 1'000s.
December 23, 201213 yr Agree on NCAA tourneys, but how can they justify all woman's Bball and volleyball? Too many dates taken away for events that could draw 1'000s. Someone correct if I'm wrong but haven't the UL women's BB games been out drawing their originally projected numbers?
Archived
This topic is now archived and is closed to further replies.